News Centre

04/04/19

JD SPORTS ACQUIRES MEN’S CLOTHING BRAND PRETTY GREEN SECURING 67 JOBS

Pretty Green, the boutique men’s clothing brand, has been sold to JD Sports following the appointment of Joint Administrators Nicholas O’Reilly and Simon Thomas from retail restructuring specialists Moorfields Advisory, on 28 March 2019.

Moorfields Appointed Administrators over Audio Equipment Distributor based in Oxford

Simon Thomas and Robert Pick of Moorfields Corporate Recovery LLP have been appointed Joint Administrators over Path Products Ltd, an AV wholesaler and distributor operating in Oxford. Path Products Limited specialised in supplying and distributing audio and visual equipment. The start-up had traded for only 9 months following its restructure from Path Distribution Limited, Path Group Limited and Ixos Holdings Limited in November 2010. The company began to experience difficulties in 2011 suffering a 30% reduction in trade due to a number of its customers experiencing fewer sales as a result of the recession. Moorfields were instructed when the Company’s stakeholders failed to agree a second restructure. Despite having to cease trading Moorfields managed to realise the name and goodwill of the Company as well as achieving a price for the stock that far exceeded our agents break up valuation. The effective sale of the business as a going concern enabled us to protect the book debts resulting in a full recovery for the secured creditor. Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists.

Moorfields appointed Administrators over Audio Equipment Distributor based in Oxford

Simon Thomas and Robert Pick of Moorfields Corporate Recovery LLP have been appointed Joint Administrators over Path Products Ltd, an AV wholesaler and distributor operating in Oxford. Path Products Limited specialised in supplying and distributing audio and visual equipment. The start-up had traded for only 9 months following its restructure from Path Distribution Limited, Path Group Limited and Ixos Holdings Limited in November 2010. The company began to experience difficulties in 2011 suffering a 30% reduction in trade due to a number of its customers experiencing fewer sales as a result of the recession. Moorfields were instructed when the Company’s stakeholders failed to agree a second restructure. Despite having to cease trading Moorfields managed to realise the name and goodwill of the Company as well as achieving a price for the stock that far exceeded our agents break up valuation. The effective sale of the business as a going concern enabled us to protect the book debts resulting in a full recovery for the secured creditor. Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists.

Moorfields appointed Administrators over Wholesale Butchers

Simon Thomas and Robert Pick of Moorfields Corporate Recovery LLP have been appointed Joint Administrators over Rowswells & Lees Limited, a wholesale butchers operating in Essex. Rosewells & Lees Limited specialised in the supply of wholesale fresh and frozen meat products to the leisure industry. The well established company had traded for over 20 years supplying high quality produce sourced from Smithfield market, to a number of well known restaurants and hotels around the South East. In 2011 the company started to experience financial difficulty after it suffered from the loss of a major contract which accounted for 50% of its turnover. Moorfields were instructed by the secured lender to assist the management team with the distressed trading period, financial due diligence and an exit strategy. Following a period of marketing, a pre-pack sale of the business was achieved protecting the trade and employees. Simon Thomas, Moorfields Partner said “Our early involvement meant we were able to guide the management team through a distressed situation allowing us to reduce operations, protect the creditors’ interests and devise the most appropriate exit strategy. Had we not been involved at an early stage it is likely trade would have ceased and the goodwill value of the business would have been lost. Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists.